SPHINCS⁺ is a stateless digital signature scheme based on hash function, which has been proven to be resistant to quantum computing attacks. However, due to the large number of signatures generated, SPHINCS⁺ is limited to its wide application in practice. In order to solve the problem of large length of signature value generated by WOTS+ one-time signature scheme in SPHINCS⁺ signature scheme, a new compact one-time signature scheme SM3-OTS based on SM3 algorithm is designed in this paper. The signature scheme uses the binary and hexadecimal information of the message digest value as the index of the node positions of the first 32 hash chains and the last 16 hash chains, respectively, which effectively shortens the key length and the length of the generated signature value of the traditional one-time signature scheme based on hash function. Compared with WOTS+ in SPHINCS⁺, Balanced WOTS+ in SPHINCS-α and WOTS+C in SPHINCS⁺C, SM3-OTS shortens the length of signature values by about 29%, 27% and 26% respectively, and the signature performance is significantly improved. At the same time, by adopting the SM3 algorithm, the SM3-OTS has good anti-quantum attack ability and maintains good comprehensive performance.